In some cases, buyers might be refunded more than 10% off the purchase price. However, like the post-Christmas price markdowns at retail stores this month, the Australian housing market is having a sale of its own for first home buyers, and it's for a limited time only.

To find out how to maximise your first home owner grant and why you should buy now, read the latest issue of Your Mortgage magazine out on sale now.

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now